The article covers the following subjects:
Highlights and key points
- Main scenario: consider long positions from corrections above the level of 2619.05 with a target of 2800.00 – 3000.00. A buy signal: if the price holds above 2619.05. Stop Loss: below 2600.00, Take Profit: 2800.00 – 3000.00.
- Alternative scenario: breakout and consolidation below the level of 2619.05 will allow the pair to continue declining to the levels of 2470.55 – 2356.76. A sell signal: once the level of 2619.05 is broken to the downside. Stop Loss: above 2650.00, Take Profit: 2470.55 – 2356.76.
Main scenario
Consider long positions from a correction above the level of 2619.05 with a target of 2800.00 – 3000.00.
Alternative scenario
Breakout and consolidation below the level of 2619.05 will allow the pair to continue declining to the levels of 2470.55 – 2356.76.
Analysis
The fifth wave of larger degree 5 is presumably developing on the weekly chart, with wave (5) of 5 forming as its part. Apparently, the third wave 3 of (5) is unfolding on the daily time frame, with wave v of 3 continuing forming as its part. The third wave of smaller degree (iii) of v is forming on the H4 time frame, within which wave v of (iii) continues developing. If the presumption is correct, the XAUUSD pair will continue to rise to the levels of 2800.00 – 3000.00. The level of 2619.05 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 2470.55 – 2356.76.
Price chart of XAUUSD in real time mode
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